Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 30, 2014 | 2-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'LAKES ENTERTAINMENT INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Common Stock, Shares Outstanding | ' | 26,730,402 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001071255 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $36,662,000 | $37,897,000 |
Short-term investments | 48,405,000 | 49,099,000 |
Income taxes receivable | 2,155,000 | 2,155,000 |
Other | 2,067,000 | 1,774,000 |
Total current assets | 89,289,000 | 90,925,000 |
Property and equipment | 37,837,000 | 37,200,000 |
Accumulated depreciation | -6,315,000 | -5,541,000 |
Property and equipment, net | 31,522,000 | 31,659,000 |
Other assets: | ' | ' |
Investment in unconsolidated investee | 20,997,000 | 20,997,000 |
Gaming license | 1,980,000 | 2,015,000 |
Land held for development | 1,130,000 | 1,130,000 |
Other | 506,000 | 535,000 |
Total other assets | 24,613,000 | 24,677,000 |
Total assets | 145,424,000 | 147,261,000 |
Current liabilities: | ' | ' |
Current portion of long-term debt, net of discount | 1,327,000 | 1,251,000 |
Accounts payable | 473,000 | 420,000 |
Accrued taxes, other than income taxes | 570,000 | 462,000 |
Accrued payroll and related | 1,220,000 | 1,403,000 |
Other accrued expenses | 1,506,000 | 1,325,000 |
Total current liabilities | 5,096,000 | 4,861,000 |
Long-term debt, net of current portion and discount | 9,946,000 | 10,321,000 |
Total liabilities | 15,042,000 | 15,182,000 |
Shareholders' equity: | ' | ' |
Common stock, $.01 par value; authorized 200,000 shares; 26,728 and 26,721 common shares issued and outstanding | 267,000 | 267,000 |
Additional paid-in capital | 205,297,000 | 205,212,000 |
Deficit | -75,168,000 | -73,400,000 |
Accumulated other comprehensive loss | -14,000 | ' |
Total shareholders' equity | 130,382,000 | 132,079,000 |
Total liabilities and shareholders' equity | $145,424,000 | $147,261,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 26,728 | 26,721 |
Common stock, shares outstanding | 26,728 | 26,721 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Management fees | ($300,000) | $2,728,000 |
Gaming | 10,320,000 | ' |
Room | 1,314,000 | 264,000 |
Food and beverage | 1,259,000 | 198,000 |
Other operating | 335,000 | 97,000 |
License fees and other | 33,000 | 17,000 |
Gross revenues | 13,261,000 | 3,304,000 |
Less promotional allowances | 951,000 | ' |
Net revenues | 12,310,000 | 3,304,000 |
Costs and expenses: | ' | ' |
Gaming | 5,954,000 | ' |
Room | 110,000 | 111,000 |
Food and beverage | 1,033,000 | 303,000 |
Other operating | 242,000 | 215,000 |
Selling, general and administrative | 5,740,000 | 3,767,000 |
Preopening expenses | ' | 265,000 |
Amortization of intangible assets related to Indian casino projects | ' | 264,000 |
Loss on disposal of property and equipment | 25,000 | ' |
Depreciation and amortization | 853,000 | 257,000 |
Total costs and expenses | 13,957,000 | 5,182,000 |
Loss from operations | -1,647,000 | -1,878,000 |
Other income (expense): | ' | ' |
Interest income | 33,000 | 1,753,000 |
Interest expense | -318,000 | -208,000 |
Other | 164,000 | ' |
Total other income (expense), net | -121,000 | 1,545,000 |
Loss before income taxes | -1,768,000 | -333,000 |
Income tax benefit | 0 | 0 |
Net loss | -1,768,000 | -333,000 |
Other comprehensive loss | -14,000 | ' |
Comprehensive loss | ($1,782,000) | ($333,000) |
Weighted-average common shares outstanding | ' | ' |
Basic and diluted (in Shares) | 26,727 | 26,441 |
Loss per share | ' | ' |
Basic and diluted (in Dollars per share) | ($0.07) | ($0.01) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net loss | ($1,768) | ($333) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 853 | 257 |
Amortization of debt issuance costs, accretion of debt discount and imputed interest on contract acquisition costs | 132 | 208 |
Accretion of interest and additions to long-term interest receivable | 93 | -1,256 |
Amortization of intangible assets related to Indian casino projects | ' | 264 |
Share-based compensation | 72 | 122 |
Loss on disposal of property and equipment | 25 | ' |
Changes in operating assets and liabilities: | ' | ' |
Management fees receivable | ' | 1,027 |
Other current assets | -155 | -1,286 |
Income taxes receivable | ' | -18 |
Accrued taxes, other than income taxes | 108 | ' |
Accounts payable and accrued expenses | 51 | 1,406 |
Net cash provided by (used in) operating activities | -589 | 391 |
INVESTING ACTIVITIES: | ' | ' |
Purchase of short-term investments | -41,875 | ' |
Sales and maturities of short-term investments | 42,325 | ' |
Payments to acquire investment in unconsolidated investee | ' | -836 |
Changes in long-term management fees receivable and other | ' | 79 |
Purchase of property and equipment | -717 | -8,243 |
Proceeds from disposal of property and equipment | 16 | ' |
Changes in other assets | 21 | -2 |
Net cash used in investing activities | -230 | -9,002 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of borrowings | -429 | ' |
Proceeds from issuance of common stock | 13 | ' |
Contract acquisition costs payable | ' | -500 |
Net cash used in financing activities | -416 | -500 |
Net decrease in cash and cash equivalents | -1,235 | -9,111 |
Cash and cash equivalents - beginning of period | 37,897 | 32,480 |
Cash and cash equivalents - end of period | 36,662 | 23,369 |
Cash paid during the period for: | ' | ' |
Interest | 181 | ' |
Income taxes | ' | 18 |
Noncash investing activities: | ' | ' |
Capital expenditures in accounts payable and accrued expenses | $266 | $1,956 |
Note_1_Basis_of_Presentation
Note 1. Basis of Presentation | 3 Months Ended |
Mar. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. Basis of Presentation | |
The unaudited consolidated financial statements of Lakes Entertainment, Inc., a Minnesota corporation, and subsidiaries (individually and collectively “Lakes” or the “Company”), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. Accordingly, certain information normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States has been condensed and/or omitted. For further information, please refer to the annual audited consolidated financial statements of the Company, and the related notes included within the Company’s Annual Report on Form 10-K, for the year ended December 29, 2013, previously filed with the SEC, from which the balance sheet information as of that date is derived. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting of normal recurring adjustments). The results for the current interim period are not necessarily indicative of the results to be expected for the full year. | |
All material intercompany accounts and transactions have been eliminated in consolidation. | |
Investments in unconsolidated investees, which are 20% or less owned and the Company does not have the ability to significantly influence the operating or financial decisions of the entity, are accounted for under the cost method. See note 7, Investment in Rock Ohio Ventures, LLC and note 8, Investment in Dania Entertainment Holdings, LLC. |
Note_2_New_Accounting_Standard
Note 2. New Accounting Standard | 3 Months Ended |
Mar. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
2. New Accounting Standard | |
In July 2013, the FASB issued Accounting Standards Update “(ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires entities to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (“NOL”) or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. This ASU requires entities to assess whether to net the unrecognized tax benefit with a deferred tax asset as of the reporting date. ASU 2013-11 became effective as of March 30, 2014. The adoption of ASU 2013-11 did not have an impact on the Company’s consolidated financial statements. |
Note_3_Debt_Termination_Agreem
Note 3. Debt Termination Agreement with the Shingle Springs Tribe | 3 Months Ended |
Mar. 30, 2014 | |
Receivables [Abstract] | ' |
Financing Receivables [Text Block] | ' |
3. Debt Termination Agreement with the Shingle Springs Tribe | |
On July 17, 2013, Lakes entered into a Debt Termination Agreement (the “Debt Termination Agreement”) with the Shingle Springs Band of Miwok Indians (the “Shingle Springs Tribe”) relating to amounts Lakes had previously advanced to the Shingle Springs Tribe under the development and management agreement for the Red Hawk Casino between Lakes and the Shingle Springs Tribe. The Debt Termination Agreement required certain conditions to be met, including a lump sum payment by the Shingle Springs Tribe to Lakes of $57.1 million (the “Debt Payment”). The Debt Payment was made on August 29, 2013 (the “Payment Date”) and constituted full and final payment of all debt owed to Lakes as of that date. The management agreement under which Lakes was managing the Red Hawk Casino also terminated on the Payment Date, therefore no fees for the management of the Red Hawk Casino will be earned subsequent to that date. |
Note_4_ShortTerm_Investments
Note 4. Short-Term Investments | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||
4. Short-Term Investments | |||||||||||||
Short-term investments consist of commercial paper, corporate bonds and certificates of deposit which are classified as available-for-sale securities and are carried at current fair market value, with the resulting unrealized gains and losses, if any, excluded from earnings and reported, net of tax, as a separate component of shareholders' equity until realized. If the carrying value of an investment is in excess of its fair market value, an impairment charge to adjust the carrying value to the fair market value is recorded if the impairment is considered other-than-temporary. There were no other-than-temporary impairments related to declines in fair market value of short-term investments during the three months ended March 30, 2014. The Company held no short-term investments as of March 31, 2013. All short-term investments held as of March 30, 2014 have original maturity dates of twelve months or less and are classified as current assets. Short-term investments consisted of the following (in thousands): | |||||||||||||
Amortized | Fair Value | Unrealized | |||||||||||
Cost | Gain/(Loss) | ||||||||||||
30-Mar-14 | |||||||||||||
Commercial paper | $ | 29,946 | $ | 29,943 | $ | (3 | ) | ||||||
Corporate bonds | 15,873 | 15,864 | (9 | ) | |||||||||
Certificates of deposit | 2,600 | 2,598 | (2 | ) | |||||||||
Balances at March 30, 2014 | $ | 48,419 | $ | 48,405 | $ | (14 | ) | ||||||
29-Dec-13 | |||||||||||||
Commercial paper | $ | 21,986 | $ | 21,993 | $ | 7 | |||||||
Corporate bonds | 27,113 | 27,106 | (7 | ) | |||||||||
Balances at December 29, 2013 | $ | 49,099 | $ | 49,099 | $ | — | |||||||
Note_5_Property_and_Equipment_
Note 5. Property and Equipment, net | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
5. Property and Equipment, net | |||||||||
The following table summarizes the components of property and equipment, at cost (in thousands): | |||||||||
30-Mar-14 | 29-Dec-13 | ||||||||
Building and site improvements | $ | 24,596 | $ | 24,611 | |||||
Furniture and equipment | 12,761 | 12,370 | |||||||
Construction in process | 480 | 219 | |||||||
Property and equipment | 37,837 | 37,200 | |||||||
Less accumulated depreciation | (6,315 | ) | (5,541 | ) | |||||
Property and equipment, net | $ | 31,522 | $ | 31,659 | |||||
Note_6_Gaming_License
Note 6. Gaming License (Licensing Agreements [Member]) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Licensing Agreements [Member] | ' | ||||||||
Note 6. Gaming License [Line Items] | ' | ||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||
6. Gaming License | |||||||||
In April 2012, the State of Maryland Video Lottery Facility Location Commission awarded a video lottery operation license (“Gaming License”) to the Company for the Rocky Gap Lodge & Golf Resort (“Rocky Gap”). In August 2012, Lakes acquired the assets of Rocky Gap for $6.8 million which included a hotel, convention center, spa, two restaurants and the only Jack Nicklaus signature golf course in Maryland. In connection with the acquisition of Rocky Gap, the Company entered into an operating lease for the underlying land (see note 16, Commitments and Contingencies). | |||||||||
After acquiring Rocky Gap, the Company converted the then-existing convention center into a gaming facility and renamed the property Rocky Gap Casino Resort. The gaming facility opened to the public on May 22, 2013 and features 558 video lottery terminals (“VLTs”), 15 table games including poker, a casino bar and a lobby food and beverage outlet. The AAA Four Diamond Award® winning resort includes a newly constructed event and conference center that opened during the fourth quarter of 2013, which is able to accommodate large groups and features multiple flexible use meeting rooms. The total cost of the Rocky Gap project was approximately $35.0 million, which included the initial acquisition cost. | |||||||||
Amortization of the Gaming License began on May 22, 2013, the date the gaming facility opened for public play and is being amortized over its 15 year term. Amortization expense related to the Gaming License was less than $0.1 million and zero for the three months ended March 30, 2014 and March 31, 2013, respectively. | |||||||||
Information with respect to the Gaming License is as follows (in thousands): | |||||||||
30-Mar-14 | 29-Dec-13 | ||||||||
Original cost | $ | 2,100 | $ | 2,100 | |||||
Accumulated amortization | (120 | ) | (85 | ) | |||||
$ | 1,980 | $ | 2,015 | ||||||
Note_7_Investment_in_Rock_Ohio
Note 7. Investment in Rock Ohio Ventures, LLC | 3 Months Ended |
Mar. 30, 2014 | |
Rock Ohio Ventures [Member] | ' |
Note 7. Investment in Rock Ohio Ventures, LLC [Line Items] | ' |
Cost-method Investments, Description [Text Block] | ' |
7. Investment in Rock Ohio Ventures, LLC | |
Lakes has a 10% ownership investment in Rock Ohio Ventures, LLC (“Rock Ohio Ventures”), a privately-held company, that owns 80% of the Horseshoe Casino Cleveland in Cleveland, Ohio which opened to the public in May 2012; the Horseshoe Casino Cincinnati in Cincinnati, Ohio which opened in March 2013; the Thistledown Racino in North Randall, Ohio which added approximately 1,100 VLTs to its existing racetrack in April 2013; and Turfway Park, a thoroughbred horseracing track located in Florence, Kentucky. This investment is accounted for using the cost method since Lakes owns less than 20% of Rock Ohio Ventures and does not have the ability to significantly influence the operating and financial decisions of the entity. At March 30, 2014 and December 29, 2013, Lakes had invested a total of $21.0 million in Rock Ohio Ventures, which is included in investment in unconsolidated investee in the accompanying consolidated balance sheets. | |
The Company's cost method investment is evaluated, on at least a quarterly basis, for potential other-than-temporary impairment, or when an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. Lakes monitors this investment for impairment by considering all information available to the Company including the economic environment of the markets served by the properties Rock Ohio Ventures owns; market conditions including existing and potential future competition; recent or expected changes in the regulatory environment; operational performance and financial results; known changes in the objectives of Rock Ohio Venture’s management; known or expected changes in ownership of Rock Ohio Ventures; and any other known significant factors relating to the business underlying the investment. | |
As part of the review of operational performance and financial results for considering if there are indications of impairment, the Company utilizes financial statements of Rock Ohio Ventures and its owned gaming properties to assess the investee’s ability to operate from a financial standpoint. The Company also analyzes Rock Ohio Ventures’ cash flows and working capital to determine if the Company’s investment in this entity has experienced an other-than-temporary impairment. As part of this process, the Company analyzes actual historical results compared to forecast and has periodic discussions with management of Rock Ohio Ventures to obtain additional information related to the Company’s investment in Rock Ohio Ventures to determine whether any events have occurred that would necessitate further analysis of the Company’s recorded investment in Rock Ohio Ventures for impairment. Based on these procedures, no events or changes in circumstances were identified that would require further analysis as to whether the Company’s investment in Rock Ohio has experienced an other-than-temporary impairment as of March 30, 2014 and December 29, 2013. | |
The fair value of this cost method investment is considered impracticable to estimate. The impracticability in developing such an estimate is due primarily to insufficient information necessary to prepare a valuation model to determine fair value. | |
Lakes has the right, but not the obligation, to make additional investments up to 10% of equity required by Rock Ohio Ventures to develop the properties it owns in return for a corresponding equity interest in those properties (see note 16, Commitments and Contingencies). | |
Dania Entertainment Holdings [Member] | ' |
Note 7. Investment in Rock Ohio Ventures, LLC [Line Items] | ' |
Cost-method Investments, Description [Text Block] | ' |
8. Investment in Dania Entertainment Holdings, LLC | |
On May 22, 2013, Dania Entertainment Center, LLC (“DEC”) purchased the Dania Jai Alai property located in Dania Beach, Florida, from Boyd Gaming Corporation, for $65.5 million. | |
As part of a previous plan to purchase the property, during 2011 Lakes loaned $4.0 million to DEC (the “Loan”) which was written down to zero during the third quarter of 2011 when the acquisition did not close. During 2013, the Loan was exchanged for a 20% ownership interest in Dania Entertainment Holdings, LLC (“DEH”). DEH maintains a 25% ownership interest in DEC resulting in Lakes effectively holding a 5% ownership in DEC, which now owns and operates the Dania Casino and Jai Alai. Lakes has no operational responsibility of DEC or DEH and is not required to invest any additional money in either entity. | |
The Company accounts for its investment in DEH as a cost method investment. At the time the Loan was exchanged for an equity investment in DEH, Lakes determined its value remained at zero due to the negative cash flows of the existing operations of the Dania Jai Alai property as well as uncertainty surrounding completion of the project. Therefore, no value associated with this investment is recorded in the Company’s accompanying consolidated balance sheet as of March 30, 2014. See note 15, Financial Instruments and Fair Value Measurements, for discussion of the fair value of this investment. | |
On April 21, 2014, Lakes entered into a redemption agreement with DEH that resulted in DEH redeeming Lakes’ 20% ownership in DEH in exchange for DEH granting to Lakes 5% ownership in DEC. Concurrently, Lakes entered into an agreement with an unrelated third party, ONDISS Corp. (“ONDISS”), to sell its ownership in DEC to ONDISS for approximately $2.6 million. Lakes received $1.0 million on April 21, 2014, at which time 40% of Lakes’ ownership was transferred to ONDISS. The agreement also requires that ONDISS pay Lakes three installments of approximately $0.5 million each on October 21, 2014, April 21, 2015 and October 21, 2015, and on each date one-third of Lakes’ remaining ownership will be transferred to ONDISS. Lakes will account for the receipt of each of these payments as income in the consolidated statements of operations on the dates the payments are received. |
Note_9_Land
Note 9. Land | 3 Months Ended |
Mar. 30, 2014 | |
Real Estate [Abstract] | ' |
Real Estate Disclosure [Text Block] | ' |
9. Land | |
Lakes owns parcels of undeveloped land related to its previous involvement in a potential casino project with the Jamul Indian Village (the “Jamul Tribe”) near San Diego, California. During the third quarter of 2012, Lakes entered into a ten-year option agreement with Penn National Gaming, Inc. (“Penn National”) that grants Penn National the right to purchase this land. The purchase price for the land is $7.1 million and increases annually by 1%. Pursuant to the agreement, annual option payments of less than $0.1 million are required to be made by Penn National to Lakes. | |
Lakes also owns undeveloped land in Oklahoma related to its previous involvement in a potential casino project with the Iowa Tribe of Oklahoma. | |
As of March 30, 2014 and December 29, 2013, these parcels of land are carried at a total of $1.1 million on the accompanying consolidated balance sheets. The Company performs an impairment analysis on the land it owns at least quarterly and determined that no impairment had occurred as of March 30, 2014 and December 29, 2013. |
Note_10_Debt
Note 10. Debt | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
10. Debt | |||||||||
Loan Agreement | |||||||||
Lakes has a two-year interest-only $8.0 million revolving line of credit loan agreement (the “Loan Agreement”) with Centennial Bank that expires in October 2014. The Loan Agreement is collateralized by primarily all of Lakes’ interest in the real property it owns in Minnetonka, Minnesota. Amounts borrowed under the Loan Agreement, if any, bear interest at 8.95%. Lakes’ Chief Executive Officer, Lyle Berman, personally guaranteed the Loan Agreement on behalf of Lakes. As of March 30, 2014 and December 29, 2013, no amounts were outstanding under the Loan Agreement. | |||||||||
Financing Facility | |||||||||
In December 2012, Lakes closed on a $17.5 million financing facility with Centennial Bank (the “Financing Facility”) to finance a portion of Rocky Gap project costs. Approximately $13.4 million was drawn on the Financing Facility. Lakes was required to invest $17.5 million in the Rocky Gap project prior to drawing on the Financing Facility. The Financing Facility is collateralized by the leasehold estate and the furniture, fixtures and equipment of Rocky Gap. In addition, Lakes guaranteed repayment of the loan and granted a second mortgage on its real property located in Minnetonka, Minnesota. Effective November 1, 2013, Lakes amended the Financing Facility with Centennial Bank to reduce the interest rate from 10.5% to 5.5%. Monthly payments of principal and interest began on December 1, 2013 and continue for 84 months. Although Lakes does not currently plan to make further draws on the Financing Facility, Lakes has the ability to draw the remaining $4.1 million on the Financing Facility through December 31, 2018. As of March 30, 2014 and December 29, 2013, $12.9 million and $13.3 million of principal was outstanding under the Financing Facility, respectively. | |||||||||
As a result of the amendment of the Financing Facility with Centennial Bank effective November 1, 2013, Lakes recorded a $1.7 million gain on modification of debt during the fourth quarter of 2013. This amount included $2.0 million recorded as a discount to the principal amount of the Financing Facility, which is being accreted to interest expense over the term of the Financing Facility using the effective interest method, and $0.3 million of original debt issuance costs expensed at the time of the amendment. Accretion of the discount to interest expense was $0.1 million for the three months ended March 30, 2014. | |||||||||
Summary of Outstanding Debt | |||||||||
Long-term debt, net of current maturities and discount, is comprised of the following (in thousands): | |||||||||
30-Mar-14 | 29-Dec-13 | ||||||||
Financing Facility | $ | 12,915 | $ | 13,315 | |||||
Capital lease obligations | 153 | 182 | |||||||
Total debt | 13,068 | 13,497 | |||||||
Less: current maturities, net of discount | (1,327 | ) | (1,251 | ) | |||||
Less: unamortized debt discount | (1,795 | ) | (1,925 | ) | |||||
Long-term debt, net of current maturities and discount | $ | 9,946 | $ | 10,321 | |||||
Note_11_Promotional_Allowances
Note 11. Promotional Allowances | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Promotional Allowances [Abstract] | ' | ||||||||
Promotional Allowances [Text Block] | ' | ||||||||
11. Promotional Allowances | |||||||||
The retail value of rooms, food and beverage, and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. Our guests may be given, on a discretionary basis, coupons to use towards the purchase of rooms, food and beverage, and other amenities. We recognize a reduction in revenue as a promotional allowance for these coupons when the coupons are redeemed. The estimated retail value of the promotional allowances is as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
30-Mar-14 | 31-Mar-13 | ||||||||
Food and beverage | $ | 107 | $ | — | |||||
Rooms | 808 | — | |||||||
Other | 36 | — | |||||||
Total promotional allowances | $ | 951 | $ | — | |||||
The estimated cost of providing these promotional allowances, which are included in gaming costs and expenses, is as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
30-Mar-14 | 31-Mar-13 | ||||||||
Food and beverage | $ | 53 | $ | — | |||||
Rooms | 194 | — | |||||||
Other | 42 | — | |||||||
Total promotional allowances | $ | 289 | $ | — | |||||
Note_12_ShareBased_Compensatio
Note 12. Share-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
12. Share-Based Compensation | |||||||||||||||||
Share-based compensation expense related to stock options was $0.1 million for each of the three months ended March 30, 2014 and March 31, 2013. | |||||||||||||||||
The Company uses the Black Scholes option pricing model to estimate the fair value and compensation cost associated with employee incentive stock options which requires the consideration of historical employee exercise behavior data and the use of a number of assumptions including volatility of the Company’s stock price, the weighted average risk-free interest rate and the weighted average expected life of the options. There were 10,000 and 443,500 options granted during the three months ended March 30, 2014 and March 31, 2013, respectively. The weighted-average grant-date fair value of the stock options issued during the three months ended March 30, 2014 and March 31, 2013 were $2.48 and $1.72, respectively. | |||||||||||||||||
The following table summarizes Lakes’ stock option activity during the three months ended March 30, 2014 and March 31, 2013: | |||||||||||||||||
Number of Common Shares | |||||||||||||||||
Options | Exercisable | Available | Weighted-Average | ||||||||||||||
Outstanding | for Grant | Exercise | |||||||||||||||
Price | |||||||||||||||||
2014 | |||||||||||||||||
Balance at December 29, 2013 | 1,596,322 | 1,171,520 | 526,878 | $ | 2.98 | ||||||||||||
Forfeited/cancelled/expired | (36,423 | ) | 34,423 | 2.42 | |||||||||||||
Exercised | (7,000 | ) | — | 1.89 | |||||||||||||
Granted | 10,000 | (10,000 | ) | 4.58 | |||||||||||||
Balance at March 30, 2014 | 1,562,899 | 1,258,936 | 551,301 | 3.01 | |||||||||||||
2013 | |||||||||||||||||
Balance at December 30, 2012 | 1,528,039 | 1,298,809 | 875,627 | $ | 3.04 | ||||||||||||
Forfeited/cancelled/expired | (53,058 | ) | 53,058 | 3.4 | |||||||||||||
Granted | 443,500 | (443,500 | ) | 3.07 | |||||||||||||
Balance at March 31, 2013 | 1,918,481 | 1,245,751 | 485,185 | 2.94 | |||||||||||||
As of March 30, 2014, the options outstanding had a weighted average remaining contractual life of 6.6 years, weighted average exercise price of $3.01 and aggregate intrinsic value of $3.1million. The options exercisable have a weighted average exercise price of $2.97, a weighted average remaining contractual life of 6.1 years and aggregate intrinsic value of $2.5 million as of March 30, 2014. | |||||||||||||||||
There were 7,000 options exercised during the three months ended March 30, 2014 and no options exercised during the three months ended March 31, 2013. The total intrinsic value of options exercised during the three months ended March 30, 2014 was less than $0.1 million. Lakes’ unrecognized share-based compensation expense related to stock options was approximately $0.5 million as of March 30, 2014, which is expected to be recognized over a weighted-average period of 1.9 years. | |||||||||||||||||
Lakes issues new shares of common stock upon the exercise of options. |
Note_13_Earnings_Loss_Per_Shar
Note 13. Earnings (Loss) Per Share | 3 Months Ended |
Mar. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share [Text Block] | ' |
13. Earnings (Loss) per Share | |
For all periods, basic earnings (loss) per share (“EPS”) is calculated by dividing net earnings (loss) by the weighted-average common shares outstanding. Diluted EPS in profitable periods reflects the effect of all potentially dilutive common shares outstanding by dividing net earnings by the weighted-average of all common and potentially dilutive shares outstanding. Potentially dilutive stock options of 1,562,899 and 1,918,481 for the three months ended March 30, 2014 and March 31, 2013, respectively, were not used to compute diluted earnings (loss) per share because the effects would have been anti-dilutive. |
Note_14_Income_Taxes
Note 14. Income Taxes | 3 Months Ended |
Mar. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
14. Income Taxes | |
There was no income tax benefit for either the first quarter of 2014 or 2013 because there is no remaining potential to carry back losses to prior years and future realization of the benefit is uncertain. The Company’s effective tax rate was 0% for each of the three months ended March 30, 2014 and March 31, 2013. The effective tax rate differs from the federal tax rate of 35% for both periods primarily due to the limitation of the income tax benefit due to the uncertainty of its future realization. | |
Lakes has recorded income taxes receivable of $2.2 million as of March 30, 2014 and December 29, 2013 related to the Company’s ability to carry back 2012 taxable losses to a prior year and receive a refund of taxes previously paid. | |
Deferred tax assets are evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies. Management has evaluated all available evidence and has determined that negative evidence continues to outweigh positive evidence for the realization of deferred tax assets and as a result continues to provide a full valuation allowance against its deferred tax assets. | |
As of March 30, 2014, Lakes had approximately $72.3 million of federal net operating loss carryforwards, which will begin to expire in 2022, and approximately $96.5 million of state net operating loss carryforwards, which will expire at various times depending on specific state laws. | |
The Company is currently under IRS audit for the 2009-2011 tax years and is under audit by the State of California for the 2010 tax year. No adjustments have been made as a result of these audits. However, there is no assurance that the taxing authorities will not propose adjustments that are different from the Company’s expected outcome and that may impact the provision for income taxes. |
Note_15_Financial_Instruments_
Note 15. Financial Instruments and Fair Value Measurements | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||
15. Financial Instruments and Fair Value Measurements | |||||||||
Overview | |||||||||
Estimates of fair value for financial assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value, and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | |||||||||
● | Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||
● | Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | ||||||||
● | Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. | ||||||||
The Company’s financial instruments consist of cash and cash equivalents, short-term investments, cost method investments, accounts payable and debt. | |||||||||
For the Company’s cash and cash equivalents, accounts payable and current portion of debt, the carrying amounts approximate fair value because of the short duration of these financial instruments. As of March 30, 2014 and December 29, 2013, the fair value of the Company’s long-term debt approximates the carrying value based upon the Company’s expected borrowing rate for debt with similar remaining maturities and comparable risk. | |||||||||
Balances Measured at Fair Value on a Recurring Basis | |||||||||
The following table shows certain of the Company’s financial instruments measured at fair value on a recurring basis using Level 1 inputs (in thousands): | |||||||||
30-Mar-14 | 29-Dec-13 | ||||||||
Short-Term Investments | |||||||||
Commercial paper | $ | 29,943 | $ | 21,993 | |||||
Corporate bonds | 15,864 | 27,106 | |||||||
Certificates of deposit | 2,598 | — | |||||||
Balances Disclosed at Fair Value | |||||||||
The fair value of the Company’s investment in Rock Ohio Ventures, LLC was not estimated as of March 30, 2014 or December 29, 2013, as there were no events or changes in circumstances that may have a significant adverse effect on the fair value of the investment, and Lakes’ management determined that it was not practicable to estimate the fair value of the investment (see note 7, Investment in Rock Ohio Ventures, LLC). As of March 30, 2014, the fair value of the Company’s investment in Dania Entertainment Holdings, LLC was determined to be approximately $2.6 million, which was the negotiated sale price of the investment (see note 8, Investment in Dania Entertainment Holdings, LLC). The fair value of this investment was considered impracticable to estimate as of December 29, 2013 without incurring excessive costs relative to the materiality of the investment. |
Note_16_Commitments_and_Contin
Note 16. Commitments and Contingencies | 3 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||||||||||||||
16. Commitments and Contingencies | |||||||||||||||||||||||||
Operating Lease with the Maryland Department of Natural Resources Related to Rocky Gap | |||||||||||||||||||||||||
In connection with the closing of the acquisition of Rocky Gap, Lakes entered into a 40-year operating ground lease (the “Lease Agreement”) with the Maryland Department of Natural Resources for approximately 268 acres in the Rocky Gap State Park on which Rocky Gap is situated. The Lease Agreement contains an option to renew for 20 years after the initial 40-year term. | |||||||||||||||||||||||||
From August 3, 2012 and until the casino opened for public play on May 22, 2013, rent in the form of surcharges was due and payable with a minimum annual payment of $150,000. From May 22, 2013 through the remaining term of the Lease Agreement, rent payments are due and payable annually in the amount of $275,000 plus 0.9% of any gross operator share of gaming revenue (as defined in the Lease Agreement) in excess of $275,000, and $150,000 plus any surcharge revenue in excess of $150,000. Surcharge revenue consists of amounts billed to and collected from guests and are $3.00 per room per night and $1.00 per round of golf. Rent expense for the three months ended March 30, 2014 and March 31, 2013 was $0.1 million for each period. | |||||||||||||||||||||||||
Future minimum lease payments under the Lease Agreement at March 30, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||||
Minimum lease payment | $ | 425 | $ | 425 | $ | 425 | $ | 425 | $ | 425 | $ | 14,025 | |||||||||||||
Rock Ohio Ventures, LLC | |||||||||||||||||||||||||
Lakes has a 10% ownership in Rock Ohio Ventures and as of March 30, 2014, Lakes has contributed approximately $21.0 million as required (see note 7, Investment in Rock Ohio Ventures, LLC). Lakes may contribute additional capital up to $4.1 million as needed to maintain its equity position in Rock Ohio Ventures. If Lakes chooses not to fund any additional amounts, it will maintain an ownership position in Rock Ohio Ventures in a pro rata amount of what its $2.8 million initial payment is to the total amount of equity funded to develop casino operations, and all equity funded in excess of the initial $2.8 million is required to be repurchased at an amount equal to the price paid. Payment to Lakes in the event of such repurchase would be deferred and paid in accordance with the terms of the Rock Ohio Ventures First Amended and Restated Operating Agreement. | |||||||||||||||||||||||||
Quest Media Group, LLC Litigation | |||||||||||||||||||||||||
On May 17, 2012, Lakes received service of a breach of contract lawsuit filed in the Franklin County Court of Common Pleas, Franklin County, Ohio by Quest Media Group, LLC (“Quest”) with respect to an agreement (the “Agreement”) entered into between Lakes Ohio Development, LLC (a wholly owned subsidiary of Lakes) (“Lakes Ohio Development”) and Quest on March 9, 2010. The Agreement relates to Quest assisting Lakes Ohio Development in partnering with Rock Ohio Ventures, LLC and Penn Ventures, LLC (“Penn Ventures”) with respect to funding the proposed citizen-initiated referendum in November 2009 to amend the Ohio constitution to permit one casino each in Cleveland, Cincinnati, Toledo and Columbus, Ohio. The lawsuit alleges, among other things, that Lakes breached the Agreement by selling Lakes Ohio Development’s interest in the Toledo and Columbus, Ohio casino projects to Penn Ventures, failing to pay the proper fee to Quest as a result of such sale, and incorrectly calculating the costs that are to be offset against Quest’s fee. The lawsuit seeks unspecified compensatory damages in excess of $25,000, punitive damages, declaratory and injunctive relief. The lawsuit names as defendants Lakes Entertainment, Inc., Lakes Ohio Development, LLC and Lyle Berman, Chairman and CEO of Lakes. Lakes removed the case to federal court and answered the pleadings. The case is still in discovery stage and Lakes has moved for dismissal of the lawsuit. No hearing on the motion has been set. Lakes believes the suit to be without merit and is vigorously defending itself in this lawsuit. | |||||||||||||||||||||||||
Miscellaneous Legal Matters | |||||||||||||||||||||||||
Lakes and its subsidiaries are involved in various other inquiries, administrative proceedings, and litigation relating to contracts and other matters arising in the normal course of business. While any proceeding or litigation has an element of uncertainty, and although unable to estimate the minimum costs, if any, to be incurred in connection with these matters, management currently believes that the likelihood of an unfavorable outcome is remote, and is not likely to have a material adverse effect upon Lakes’ unaudited consolidated financial statements. Accordingly, no provision has been made with regard to these matters. |
Note_17_Related_Party_Transact
Note 17. Related Party Transaction | 3 Months Ended |
Mar. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
17. Related Party Transaction | |
In March 2013, Lakes transferred to Lyle Berman, Lakes' Chairman of the Board and Chief Executive Officer, a $250,000 secured note from an unrelated third party company in exchange for a cash payment of $150,000 from Mr. Berman. The secured note was in default and related to a fiscal 2012 potential business development opportunity that Lakes decided not to pursue. The note receivable was written down to $150,000 in fiscal 2012. |
Note_18_Segment_Information
Note 18. Segment Information | 3 Months Ended | ||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||
18. Segment Information | |||||||||||||||||||||
Lakes’ segments reported below (in millions) are the segments of the Company for which separate financial information is available and for which operating results are evaluated by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. | |||||||||||||||||||||
The Rocky Gap segment includes results of operations and assets related to the Rocky Gap Casino Resort near Cumberland, Maryland. The Indian Casino Projects segment includes results of operations and assets related to the development, financing, and management of the gaming-related property for the Shingle Springs Tribe. The Other segment includes Lakes’ cash and cash equivalents, short-term investments, Lakes corporate overhead and the investment in Rock Ohio Ventures. Costs in Other have not been allocated to the other segments because these costs are not easily allocable and to do so would not be practical. Amounts in Eliminations represent the intercompany management fee for Rocky Gap. | |||||||||||||||||||||
Rocky Gap | Indian | Other | Eliminations | Consolidated | |||||||||||||||||
Casino | |||||||||||||||||||||
Projects | |||||||||||||||||||||
Three months ended March 30, 2014 | |||||||||||||||||||||
Net revenue | $ | 12.3 | $ | — | $ | 0.3 | $ | (0.3 | ) | $ | 12.3 | ||||||||||
Management fee revenue – Rocky Gap | — | — | 0.3 | (0.3 | ) | — | |||||||||||||||
Management fee expense – Rocky Gap | (0.3 | ) | — | — | 0.3 | — | |||||||||||||||
Depreciation and amortization expense | (0.8 | ) | — | (0.1 | ) | — | (0.9 | ) | |||||||||||||
Earnings (loss) from operations | 0.2 | — | (1.8 | ) | — | (1.6 | ) | ||||||||||||||
Interest expense | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||||||||
Three months ended March 31, 2013 | |||||||||||||||||||||
Net revenue | $ | 0.6 | $ | 2.7 | $ | — | $ | — | $ | 3.3 | |||||||||||
Amortization of intangible assets related to Indian casino projects | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||||
Depreciation and amortization expense | (0.2 | ) | — | (0.1 | ) | — | (0.3 | ) | |||||||||||||
Earnings (loss) from operations | (2.6 | ) | 2.4 | (1.7 | ) | — | (1.9 | ) | |||||||||||||
Interest expense | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||||||||
As of March 30, 2014 | |||||||||||||||||||||
Total assets | $ | 35.4 | $ | — | $ | 110 | $ | — | $ | 145.4 | |||||||||||
Capital expenditures | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Investment in unconsolidated investees | — | — | 21 | — | 21 | ||||||||||||||||
As of December 29, 2013 | |||||||||||||||||||||
Total assets | $ | 34.4 | $ | — | $ | 112.9 | $ | — | $ | 147.3 | |||||||||||
Capital expenditures | 20.6 | — | 0.1 | — | 20.7 | ||||||||||||||||
Investment in unconsolidated investees | — | — | 21 | — | 21 | ||||||||||||||||
Note_19_Subsequent_Event
Note 19. Subsequent Event | 3 Months Ended |
Mar. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 19. Subsequent Event | |
On April 24, 2014, Lakes entered into Amendment No. 1 to the Subordination and Intercreditor Agreement (“Amended Intercreditor Agreement”) with Penn National and the Jamul Tribe relating to monies Lakes had previously advanced to the Jamul Tribe for the development of a gaming facility on the Jamul Tribe’s trust land in San Diego County, California. The Amended Intercreditor Agreement gives Penn National the right to refinance the senior debt, provided that the outstanding senior debt does not exceed $400.0 million and the maturity date is not extended beyond seven years after the opening of the gaming facility. If the senior debt is not repaid within such seven year period, Lakes will have the right to receive up to $1.5 million in principal payments per quarter. The Jamul Tribe’s current debt of $60.0 million owed to Lakes will continue to be subordinate to the senior debt until such financing is paid in full, but current interest on the subordinated debt will be paid to Lakes on a quarterly basis when the Penn National casino opens, so long as there is no default under the senior financing agreement. When the senior financing is paid in full, Lakes will receive repayment of its outstanding principal and interest. | |
Also on April 24, 2014, Lakes, Penn National and the Jamul Tribe entered into a Modification Agreement (“Modification Agreement”) which modifies the promissory notes previously executed by the Jamul Tribe in favor of Lakes. The Modification Agreement provides that if the senior debt is not repaid within seven years after the opening of the casino, the Jamul Tribe will make principal payments, towards the current $60.0 million of debt owed to Lakes, in an amount of up to $1.5 million per quarter based on a formula of cash availability. The Modification Agreement also provides that when the senior debt is repaid in full, the Jamul Tribe will make principal payments with 80% of the casino’s excess cash based on a formula of cash availability. |
Note_4_ShortTerm_Investments_T
Note 4. Short-Term Investments (Tables) | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | ||||||||||||
Amortized | Fair Value | Unrealized | |||||||||||
Cost | Gain/(Loss) | ||||||||||||
30-Mar-14 | |||||||||||||
Commercial paper | $ | 29,946 | $ | 29,943 | $ | (3 | ) | ||||||
Corporate bonds | 15,873 | 15,864 | (9 | ) | |||||||||
Certificates of deposit | 2,600 | 2,598 | (2 | ) | |||||||||
Balances at March 30, 2014 | $ | 48,419 | $ | 48,405 | $ | (14 | ) | ||||||
29-Dec-13 | |||||||||||||
Commercial paper | $ | 21,986 | $ | 21,993 | $ | 7 | |||||||
Corporate bonds | 27,113 | 27,106 | (7 | ) | |||||||||
Balances at December 29, 2013 | $ | 49,099 | $ | 49,099 | $ | — |
Note_5_Property_and_Equipment_1
Note 5. Property and Equipment, net (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
30-Mar-14 | 29-Dec-13 | ||||||||
Building and site improvements | $ | 24,596 | $ | 24,611 | |||||
Furniture and equipment | 12,761 | 12,370 | |||||||
Construction in process | 480 | 219 | |||||||
Property and equipment | 37,837 | 37,200 | |||||||
Less accumulated depreciation | (6,315 | ) | (5,541 | ) | |||||
Property and equipment, net | $ | 31,522 | $ | 31,659 |
Note_6_Gaming_License_Tables
Note 6. Gaming License (Tables) (Licensing Agreements [Member]) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Licensing Agreements [Member] | ' | ||||||||
Note 6. Gaming License (Tables) [Line Items] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
30-Mar-14 | 29-Dec-13 | ||||||||
Original cost | $ | 2,100 | $ | 2,100 | |||||
Accumulated amortization | (120 | ) | (85 | ) | |||||
$ | 1,980 | $ | 2,015 |
Note_10_Debt_Tables
Note 10. Debt (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
30-Mar-14 | 29-Dec-13 | ||||||||
Financing Facility | $ | 12,915 | $ | 13,315 | |||||
Capital lease obligations | 153 | 182 | |||||||
Total debt | 13,068 | 13,497 | |||||||
Less: current maturities, net of discount | (1,327 | ) | (1,251 | ) | |||||
Less: unamortized debt discount | (1,795 | ) | (1,925 | ) | |||||
Long-term debt, net of current maturities and discount | $ | 9,946 | $ | 10,321 |
Note_11_Promotional_Allowances1
Note 11. Promotional Allowances (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Promotional Allowances [Abstract] | ' | ||||||||
Estimated Retail Value for Promotional Allowances [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
30-Mar-14 | 31-Mar-13 | ||||||||
Food and beverage | $ | 107 | $ | — | |||||
Rooms | 808 | — | |||||||
Other | 36 | — | |||||||
Total promotional allowances | $ | 951 | $ | — | |||||
Cost of Promotional Allowances [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
30-Mar-14 | 31-Mar-13 | ||||||||
Food and beverage | $ | 53 | $ | — | |||||
Rooms | 194 | — | |||||||
Other | 42 | — | |||||||
Total promotional allowances | $ | 289 | $ | — |
Note_12_ShareBased_Compensatio1
Note 12. Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Number of Common Shares | |||||||||||||||||
Options | Exercisable | Available | Weighted-Average | ||||||||||||||
Outstanding | for Grant | Exercise | |||||||||||||||
Price | |||||||||||||||||
2014 | |||||||||||||||||
Balance at December 29, 2013 | 1,596,322 | 1,171,520 | 526,878 | $ | 2.98 | ||||||||||||
Forfeited/cancelled/expired | (36,423 | ) | 34,423 | 2.42 | |||||||||||||
Exercised | (7,000 | ) | — | 1.89 | |||||||||||||
Granted | 10,000 | (10,000 | ) | 4.58 | |||||||||||||
Balance at March 30, 2014 | 1,562,899 | 1,258,936 | 551,301 | 3.01 | |||||||||||||
2013 | |||||||||||||||||
Balance at December 30, 2012 | 1,528,039 | 1,298,809 | 875,627 | $ | 3.04 | ||||||||||||
Forfeited/cancelled/expired | (53,058 | ) | 53,058 | 3.4 | |||||||||||||
Granted | 443,500 | (443,500 | ) | 3.07 | |||||||||||||
Balance at March 31, 2013 | 1,918,481 | 1,245,751 | 485,185 | 2.94 |
Note_15_Financial_Instruments_1
Note 15. Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||
30-Mar-14 | 29-Dec-13 | ||||||||
Short-Term Investments | |||||||||
Commercial paper | $ | 29,943 | $ | 21,993 | |||||
Corporate bonds | 15,864 | 27,106 | |||||||
Certificates of deposit | 2,598 | — |
Note_16_Commitments_and_Contin1
Note 16. Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||||
Minimum lease payment | $ | 425 | $ | 425 | $ | 425 | $ | 425 | $ | 425 | $ | 14,025 |
Note_18_Segment_Information_Ta
Note 18. Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||
Rocky Gap | Indian | Other | Eliminations | Consolidated | |||||||||||||||||
Casino | |||||||||||||||||||||
Projects | |||||||||||||||||||||
Three months ended March 30, 2014 | |||||||||||||||||||||
Net revenue | $ | 12.3 | $ | — | $ | 0.3 | $ | (0.3 | ) | $ | 12.3 | ||||||||||
Management fee revenue – Rocky Gap | — | — | 0.3 | (0.3 | ) | — | |||||||||||||||
Management fee expense – Rocky Gap | (0.3 | ) | — | — | 0.3 | — | |||||||||||||||
Depreciation and amortization expense | (0.8 | ) | — | (0.1 | ) | — | (0.9 | ) | |||||||||||||
Earnings (loss) from operations | 0.2 | — | (1.8 | ) | — | (1.6 | ) | ||||||||||||||
Interest expense | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||||||||
Three months ended March 31, 2013 | |||||||||||||||||||||
Net revenue | $ | 0.6 | $ | 2.7 | $ | — | $ | — | $ | 3.3 | |||||||||||
Amortization of intangible assets related to Indian casino projects | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||||
Depreciation and amortization expense | (0.2 | ) | — | (0.1 | ) | — | (0.3 | ) | |||||||||||||
Earnings (loss) from operations | (2.6 | ) | 2.4 | (1.7 | ) | — | (1.9 | ) | |||||||||||||
Interest expense | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||||||||
As of March 30, 2014 | |||||||||||||||||||||
Total assets | $ | 35.4 | $ | — | $ | 110 | $ | — | $ | 145.4 | |||||||||||
Capital expenditures | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Investment in unconsolidated investees | — | — | 21 | — | 21 | ||||||||||||||||
As of December 29, 2013 | |||||||||||||||||||||
Total assets | $ | 34.4 | $ | — | $ | 112.9 | $ | — | $ | 147.3 | |||||||||||
Capital expenditures | 20.6 | — | 0.1 | — | 20.7 | ||||||||||||||||
Investment in unconsolidated investees | — | — | 21 | — | 21 |
Note_3_Debt_Termination_Agreem1
Note 3. Debt Termination Agreement with the Shingle Springs Tribe (Details) (Shingle Springs Tribe [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Aug. 29, 2013 |
Shingle Springs Tribe [Member] | ' |
Note 3. Debt Termination Agreement with the Shingle Springs Tribe (Details) [Line Items] | ' |
Proceeds from Collection of Loans Receivable | $57.10 |
Note_4_ShortTerm_Investments_D
Note 4. Short-Term Investments (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Dec. 29, 2013 | Mar. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Other than Temporary Impairment Losses, Investments | $0 | ' | ' |
Short-term Investments | $48,405,000 | $49,099,000 | $0 |
Note_4_ShortTerm_Investments_D1
Note 4. Short-Term Investments (Details) - Short-Term Investments (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 |
Note 4. Short-Term Investments (Details) - Short-Term Investments [Line Items] | ' | ' |
Amortized Cost | $48,419 | $49,099 |
Fair Value | 48,405 | 49,099 |
Unrealized Gain (Loss) | -14 | 0 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ' | ' |
Note 4. Short-Term Investments (Details) - Short-Term Investments [Line Items] | ' | ' |
Amortized Cost | 29,946 | 21,986 |
Fair Value | 29,943 | 21,993 |
Unrealized Gain (Loss) | -3 | 7 |
Corporate Bond Securities [Member] | ' | ' |
Note 4. Short-Term Investments (Details) - Short-Term Investments [Line Items] | ' | ' |
Amortized Cost | 15,873 | 27,113 |
Fair Value | 15,864 | 27,106 |
Unrealized Gain (Loss) | -9 | -7 |
Certificates of Deposit [Member] | ' | ' |
Note 4. Short-Term Investments (Details) - Short-Term Investments [Line Items] | ' | ' |
Amortized Cost | 2,600 | ' |
Fair Value | 2,598 | ' |
Unrealized Gain (Loss) | ($2) | ' |
Note_5_Property_and_Equipment_2
Note 5. Property and Equipment, net (Details) - Property, Plant and Equipment, at Cost (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $37,837 | $37,200 |
Less accumulated depreciation | -6,315 | -5,541 |
Property and equipment, net | 31,522 | 31,659 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 24,596 | 24,611 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 12,761 | 12,370 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $480 | $219 |
Note_6_Gaming_License_Details
Note 6. Gaming License (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2013 | Aug. 31, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | |
Rocky Gap Resort [Member] | Licensing Agreements [Member] | Licensing Agreements [Member] | ||
Note 6. Gaming License (Details) [Line Items] | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | $6,800,000 | ' | ' |
Construction and Development Costs | ' | 35,000,000 | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '15 years | ' |
Amortization of Intangible Assets | $264,000 | ' | $100,000 | $0 |
Note_6_Gaming_License_Details_
Note 6. Gaming License (Details) - Information with Respect to Gaming License (Licensing Agreements [Member], USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Licensing Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Original cost | $2,100 | $2,100 |
Accumulated amortization | -120 | -85 |
$1,980 | $2,015 |
Note_7_Investment_in_Rock_Ohio1
Note 7. Investment in Rock Ohio Ventures, LLC (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 21, 2014 | Dec. 29, 2013 | Jan. 01, 2012 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 29, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Dania Entertainment Holdings [Member] | Dania Entertainment Center [Member] | Dania Entertainment Center [Member] | Dania Entertainment Holdings [Member] | Rock Ohio Ventures [Member] | Rock Ohio Ventures [Member] | |||
Ownership Redemmed [Member] | Ownership Redemmed [Member] | Investment Sold [Member] | Payments Received [Member] | Ownership Transfered [Member] | ONDISS [Member] | |||||||||
Dania Entertainment Center [Member] | Dania Entertainment Holdings [Member] | Dania Entertainment Center [Member] | Dania Entertainment Center [Member] | Dania Entertainment Center [Member] | ||||||||||
Note 7. Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Cost Method Investments | $20,997,000 | $20,997,000 | ' | ' | $2,600,000 | $1,000,000 | ' | ' | ' | ' | ' | $0 | $21,000,000 | $21,000,000 |
Advances on Notes Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' |
Notes, Loans and Financing Receivable, Net, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Investment Owned, Percent of Net Assets | ' | ' | 5.00% | 20.00% | ' | ' | 40.00% | ' | 20.00% | ' | 5.00% | ' | ' | ' |
Installment Payment | ' | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' |
Note_9_Land_Details
Note 9. Land (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 30, 2012 | Mar. 30, 2014 | Dec. 29, 2013 |
Option Agreement [Member] | Land [Member] | Land [Member] | |||
Penn National [Member] | |||||
Note 9. Land (Details) [Line Items] | ' | ' | ' | ' | ' |
Land Available for Development | $1,130,000 | $1,130,000 | $7,100,000 | ' | ' |
Land Available for Development, Inflation, Percent | ' | ' | 1.00% | ' | ' |
Annual Payment Option, Land Available for Development | ' | ' | 100,000 | ' | ' |
Asset Impairment Charges | ' | ' | ' | $0 | $0 |
Note_10_Debt_Details
Note 10. Debt (Details) (USD $) | 3 Months Ended | 4 Months Ended | 5 Months Ended | 11 Months Ended | 15 Months Ended | |||
Mar. 30, 2014 | Dec. 29, 2013 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Oct. 31, 2013 | Mar. 30, 2014 | Dec. 30, 2012 | |
Note 10. Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | $12,915,000 | $13,315,000 | $13,315,000 | $12,915,000 | $12,915,000 | ' | $12,915,000 | ' |
1,795,000 | 1,925,000 | 1,925,000 | 1,795,000 | 1,795,000 | ' | 1,795,000 | ' | |
Rocky Gap Resort [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 10. Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Required Investment In Project | 17,500,000 | ' | ' | 17,500,000 | 17,500,000 | ' | 17,500,000 | ' |
Centennial Bank [Member] | Revolving Credit Facility [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 10. Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 8,000,000 | ' | ' | 8,000,000 | 8,000,000 | ' | 8,000,000 | ' |
Line of Credit Facility, Interest Rate at Period End | 8.95% | ' | ' | 8.95% | 8.95% | ' | 8.95% | ' |
Line of Credit Facility, Amount Outstanding | 0 | 0 | 0 | 0 | 0 | ' | 0 | ' |
Centennial Bank [Member] | Financing Facility [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 10. Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | 17,500,000 |
Line of Credit Facility, Amount Outstanding | 12,900,000 | 13,300,000 | 13,300,000 | 12,900,000 | 12,900,000 | ' | 12,900,000 | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | 13,400,000 | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | 5.50% | 10.50% | ' | ' |
Line of Credit Facility, Expiration Period | ' | ' | ' | '84 months | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 4,100,000 | ' | ' | 4,100,000 | 4,100,000 | ' | 4,100,000 | ' |
Gains (Losses) on Restructuring of Debt | ' | ' | 1,700,000 | ' | ' | ' | ' | ' |
' | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | |
Debt Issuance Cost | ' | 300,000 | ' | ' | ' | ' | ' | ' |
Amortization of Debt Discount (Premium) | $100,000 | ' | ' | ' | ' | ' | ' | ' |
Note_10_Debt_Details_LongTerm_
Note 10. Debt (Details) - Long-Term Debt (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Debt [Abstract] | ' | ' |
Financing Facility | $12,915 | $13,315 |
Capital lease obligations | 153 | 182 |
Total debt | 13,068 | 13,497 |
Less: current maturities, net of discount | -1,327 | -1,251 |
Less: unamortized debt discount | -1,795 | -1,925 |
Long-term debt, net of current maturities and discount | $9,946 | $10,321 |
Note_11_Promotional_Allowances2
Note 11. Promotional Allowances (Details) - Estimated Retail Value of Promotional Allowance (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2014 |
Note 11. Promotional Allowances (Details) - Estimated Retail Value of Promotional Allowance [Line Items] | ' |
Promotional Allowances | $951 |
Food and Beverage [Member] | ' |
Note 11. Promotional Allowances (Details) - Estimated Retail Value of Promotional Allowance [Line Items] | ' |
Promotional Allowances | 107 |
Rooms [Member] | ' |
Note 11. Promotional Allowances (Details) - Estimated Retail Value of Promotional Allowance [Line Items] | ' |
Promotional Allowances | 808 |
Other [Member] | ' |
Note 11. Promotional Allowances (Details) - Estimated Retail Value of Promotional Allowance [Line Items] | ' |
Promotional Allowances | $36 |
Note_11_Promotional_Allowances3
Note 11. Promotional Allowances (Details) - Estimated Cost of Providing Promotional Allowances (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Note 11. Promotional Allowances (Details) - Estimated Cost of Providing Promotional Allowances [Line Items] | ' | ' |
Food and beverage | $1,033 | $303 |
Rooms | 110 | 111 |
Total promotional allowances | 289 | ' |
Cost of Sales [Member] | ' | ' |
Note 11. Promotional Allowances (Details) - Estimated Cost of Providing Promotional Allowances [Line Items] | ' | ' |
Food and beverage | 53 | ' |
Rooms | 194 | ' |
Other | $42 | ' |
Note_12_ShareBased_Compensatio2
Note 12. Share-Based Compensation (Details) (USD $) | 3 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | Dec. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $0.10 | $0.10 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 10,000 | 443,500 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $2.48 | $1.72 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '6 years 219 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $3.01 | $2.94 | $2.98 | $3.04 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 3.1 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) | $2.97 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '6 years 36 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 2.5 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 7,000 | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 0.1 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $0.50 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 328 days | ' | ' | ' |
Note_12_ShareBased_Compensatio3
Note 12. Share-Based Compensation (Details) - Table of Lakesb Stock Option Activity (USD $) | 3 Months Ended | |||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | |
2014 | ' | ' | ' | ' |
Options Outstanding | 1,562,899 | 1,918,481 | 1,596,322 | 1,528,039 |
Exercisable | 1,258,936 | 1,245,751 | 1,171,520 | 1,298,809 |
Available for Grant | 551,301 | 485,185 | 526,878 | 875,627 |
Weighted-Average Exercise Price (in Dollars per share) | $3.01 | $2.94 | $2.98 | $3.04 |
Options Outstanding, Forfeited/cancelled/expired | -36,423 | -53,058 | ' | ' |
Available for Grant, Forfeited/cancelled/expired | 34,423 | 53,058 | ' | ' |
Weighted-Average Exercise Price, Forfeited/cancelled/expired (in Dollars per share) | $2.42 | $3.40 | ' | ' |
Exercised | -7,000 | 0 | ' | ' |
Exercised (in Dollars per share) | $1.89 | ' | ' | ' |
Options Outstanding, Granted | 10,000 | 443,500 | ' | ' |
Available for Grant, Granted | -10,000 | -443,500 | ' | ' |
Weighted-Average Exercise Price, Granted (in Dollars per share) | $4.58 | $3.07 | ' | ' |
Note_13_Earnings_Loss_Per_Shar1
Note 13. Earnings (Loss) Per Share (Details) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,562,899 | 1,918,481 |
Note_14_Income_Taxes_Details
Note 14. Income Taxes (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | |
Note 14. Income Taxes (Details) [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | $0 | $0 | ' |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | ' |
Income Taxes Receivable | 2,155,000 | ' | 2,155,000 |
Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Note 14. Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 72,300,000 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Note 14. Income Taxes (Details) [Line Items] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $96,500,000 | ' | ' |
Note_15_Financial_Instruments_2
Note 15. Financial Instruments and Fair Value Measurements (Details) (Dania Entertainment Holdings [Member], USD $) | Mar. 30, 2014 |
In Millions, unless otherwise specified | |
Dania Entertainment Holdings [Member] | ' |
Note 15. Financial Instruments and Fair Value Measurements (Details) [Line Items] | ' |
Investment Owned, at Fair Value | $2.60 |
Note_15_Financial_Instruments_3
Note 15. Financial Instruments and Fair Value Measurements (Details) - Estimated Fair Value of Financial Instruments, Current Year (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Short-Term Investments | ' | ' |
Available for Sale Securities | $48,405 | $49,099 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Short-Term Investments | ' | ' |
Available for Sale Securities | 29,943 | 21,993 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ' | ' |
Short-Term Investments | ' | ' |
Available for Sale Securities | 29,943 | 21,993 |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Short-Term Investments | ' | ' |
Available for Sale Securities | 15,864 | 27,106 |
Corporate Bond Securities [Member] | ' | ' |
Short-Term Investments | ' | ' |
Available for Sale Securities | 15,864 | 27,106 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Short-Term Investments | ' | ' |
Available for Sale Securities | 2,598 | ' |
Certificates of Deposit [Member] | ' | ' |
Short-Term Investments | ' | ' |
Available for Sale Securities | $2,598 | ' |
Note_16_Commitments_and_Contin2
Note 16. Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 10 Months Ended | 3 Months Ended | 10 Months Ended | 3 Months Ended | |||||||
Jul. 01, 2012 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | 22-May-13 | Mar. 30, 2014 | Dec. 29, 2013 | |
Per Room Per Night [Member] | Per Round of Golf [Member] | Gaming Revenue [Member] | Surcharge Revenue [Member] | Maryland DNR [Member] | Maryland DNR [Member] | Maryland DNR [Member] | Rock Ohio Ventures [Member] | Rock Ohio Ventures [Member] | ||||
Maryland DNR [Member] | Maryland DNR [Member] | Maryland DNR [Member] | Maryland DNR [Member] | Rocky Gap State Park [Member] | Rocky Gap State Park [Member] | Rocky Gap State Park [Member] | ||||||
Rocky Gap State Park [Member] | Rocky Gap State Park [Member] | Rocky Gap State Park [Member] | Rocky Gap State Park [Member] | acre | ||||||||
Note 16. Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | ' | ' | ' | ' | ' | '40 years | ' | ' | ' | ' |
Area of Real Estate Property (in Acres) | ' | ' | ' | ' | ' | ' | ' | 268 | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' |
Operating Leases, Rent Expense | ' | ' | ' | ' | ' | $275,000 | $150,000 | $100,000 | $100,000 | $150,000 | ' | ' |
Operating Leases, Income Statement, Percent Revenue, Percent | ' | ' | ' | ' | ' | 0.90% | ' | ' | ' | ' | ' | ' |
Operating Lease, Lease Terms, Base Revenue | ' | ' | ' | ' | ' | 275,000 | 150,000 | ' | ' | ' | ' | ' |
Operating Leases, Surcharge Revenue, Per Unit | ' | ' | ' | 3 | 1 | ' | ' | ' | ' | ' | ' | ' |
Cost Method Investments Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Cost Method Investments | ' | 20,997,000 | 20,997,000 | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | 21,000,000 |
Cost Method Investment Future Investments Into Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' |
Cost Method Investment Initial Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' |
Loss Contingency, Damages Sought, Value | $25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_16_Commitments_and_Contin3
Note 16. Commitments and Contingencies (Details) - Future Minimum Payments for Operating Lease (USD $) | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Payments for Operating Lease [Abstract] | ' |
Minimum lease payment | $425 |
Minimum lease payment | 425 |
Minimum lease payment | 425 |
Minimum lease payment | 425 |
Minimum lease payment | 425 |
Minimum lease payment | $14,025 |
Note_17_Related_Party_Transact1
Note 17. Related Party Transaction (Details) (Chief Executive Officer [Member], USD $) | 1 Months Ended | |
Mar. 31, 2013 | Dec. 30, 2012 | |
Chief Executive Officer [Member] | ' | ' |
Note 17. Related Party Transaction (Details) [Line Items] | ' | ' |
Increase (Decrease) in Notes Receivables | ($250,000) | ' |
Proceeds from Sale of Notes Receivable | 150,000 | ' |
Financing Receivable, Individually Evaluated for Impairment | ' | $150,000 |
Note_18_Segment_Information_De
Note 18. Segment Information (Details) - Assets and Operations of Report Segments (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenue | $12,310,000 | $3,304,000 | ' |
Amortization of intangible assets related to Indian casino projects | ' | -264,000 | ' |
Management fee revenue b Rocky Gap | -300,000 | 2,728,000 | ' |
Management fee expense b Rocky Gap | 5,740,000 | 3,767,000 | ' |
Depreciation and amortization expense | -853,000 | -257,000 | ' |
Earnings (loss) from operations | -1,600,000 | -1,900,000 | ' |
Interest expense | -300,000 | -200,000 | ' |
Total assets | 145,424,000 | ' | 147,261,000 |
Capital expenditures | 700,000 | ' | 20,700,000 |
Investment in unconsolidated investees | 20,997,000 | ' | 20,997,000 |
Rocky Gap Resort [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | ' | ' | 20,600,000 |
Indian Casino Projects [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenue | 12,300,000 | 600,000 | ' |
Management fee expense b Rocky Gap | -300,000 | ' | ' |
Depreciation and amortization expense | -800,000 | -200,000 | ' |
Earnings (loss) from operations | 200,000 | -2,600,000 | ' |
Interest expense | -300,000 | ' | ' |
Total assets | 35,400,000 | ' | 34,400,000 |
Capital expenditures | 700,000 | ' | ' |
Other Segments [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenue | ' | 2,700,000 | ' |
Amortization of intangible assets related to Indian casino projects | ' | -300,000 | ' |
Earnings (loss) from operations | ' | 2,400,000 | ' |
Interest expense | ' | -200,000 | ' |
Consolidation, Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenue | 300,000 | ' | ' |
Management fee revenue b Rocky Gap | 300,000 | ' | ' |
Depreciation and amortization expense | -100,000 | -100,000 | ' |
Earnings (loss) from operations | -1,800,000 | -1,700,000 | ' |
Total assets | 110,000,000 | ' | 112,900,000 |
Capital expenditures | ' | ' | 100,000 |
Investment in unconsolidated investees | $21,000,000 | ' | $21,000,000 |
Note_19_Subsequent_Event_Detai
Note 19. Subsequent Event (Details) (Subsequent Event [Member], USD $) | Apr. 24, 2014 |
In Millions, unless otherwise specified | |
Note 19. Subsequent Event (Details) [Line Items] | ' |
Notes, Loans and Financing Receivable, Gross, Noncurrent | $60 |
Amended Intercreditor Agreement [Member] | Maximum [Member] | ' |
Note 19. Subsequent Event (Details) [Line Items] | ' |
Installment Payment | 1.5 |
Modification Agreement [Member] | ' |
Note 19. Subsequent Event (Details) [Line Items] | ' |
Installment Payment | $1.50 |